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Expectation of higher physical demand held sugar market steady on Tuesday.

Sugar prices in the futures market were range-bound after rising by Rs 80-90 last week. There were no activities on the Vashi wholesale sugar market as traders are on indefinite strike against Local Body Tax since May 1, said sources.

Sources said, “A future course of action will be decided in the meeting to be held at Bombay sugar Merchants Association’s office late evening. There is possibility of re-opening of wholesale markets.”

The Vashi sugar market currently carries more than 100-110 truckloads of inventory.

On Monday evening, 11-12 mills offered tenders and sold 28,000-30,000 bags at Rs 2,960-3,040 (Rs 2,950-3,040) for S-grade and Rs 3,040-3,100 (Rs 3,030-3,090) for M-grade.

On the NCDEX, sugar June futures was up Rs 2 to Rs 3,041 , July contracts was down Rs 3 to Rs 3,069 and August by Rs 3 to Rs 3,129.

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